"I think that's the system that, at least according to my calculations, will enable someone to move to Mars for about half a million dollars," Musk said.
Musk admitted that not everyone would jump at the chance to pay $500,000 for a trip to Mars. But some adventurous people might.
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"There will be those who can afford to go, and those who want to go," Musk said. "I think if we can achieve that intersection, then it will happen ... and, hopefully, it will happen before I'm dead."
Musk founded SpaceX in 2002 with the goal of advancing manned spaceflight and lowering the cost of rocket launches. The company has a $1.6 billion contract with NASA to provide 12 cargo delivery missions to the International Space Station using its Falcon 9 rockets and Dragon spacecraft.
The April 18 Falcon 9 rocket launch marked SpaceX's third Dragon delivery flight for NASA. The Dragon spacecraft returned to Earth on Sunday (May 18) in order to return science experiments and other gear to Earth.